restaurant-news

Darden Restaurants Provides Business Update

Posted: Apr 21, 2020



April 20, 2020

Darden Restaurants, Inc., NYSE: DRI today provided an update of certain business results given the dynamic environment resulting from COVID-19.

"Our brand teams continue to work extremely hard to deliver exceptional To Go experiences to our guests," said CEO Gene Lee. "We are proud of our team's ability to adapt and their dedication to producing results that consistently outperform our expectations and are building momentum."

Business Update
For the fourth quarter to date through Sunday, April 19, Darden same-restaurant sales* declined (44.7)%. Based on the last two weeks' performance, our ongoing weekly cash burn rate has improved to approximately $20MM including capital expenditures and not including any additional changes to net working capital. Same-restaurant sales* performance for Darden and its reportable segments are as follows:

 

WE 4/12

WE 4/19

QTD 4/19

Darden

(65.2)%

(60.0)%

(44.7)%

Olive Garden

(53.6)%

(44.8)%

(38.0)%

LongHorn Steakhouse

(66.3)%

(59.2)%

(42.6)%

Fine Dining

(76.3)%

(86.3)%

(55.9)%

Other Business

(88.0)%

(87.9)%

(59.2)%

* Same-restaurant sales is a year-over-year comparison of each period's sales volumes and is limited to restaurants open at least 16 months.

To Go sales for Olive Garden and LongHorn Steakhouse for each week of our fiscal quarter to date are as follows:


To Go Sales per Restaurant

WE 3/15

WE 3/22

WE 3/29

WE 4/5

WE 4/12

WE 4/19

Olive Garden

$14,942

$20,549

$34,524

$39,133

$44,000

$52,936

LongHorn Steakhouse

$6,210

$11,379

$17,361

$19,858

$23,117

$28,653



Orlando, Fla., April 20, 2020 Source: PRNewswire -- 


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